CHAPTER XV

THE COMMISSION HOUSE

Importance of the Commission House.—The head offices
of New York Stock Exchange stock brokerage firms are for
the most part confined to the Wall Street district, although a
considerable number of firms are located entirely outside of
New York City. But owing to the establishment of a huge
network of private wires reaching out from the commission
houses of Wall Street to their branch offices and correspondents
 in all parts of America® Stock Exchange brokerage offices
are now to be found all over the nation. The Stock Exchange
of today is a national market, meeting national needs and available
 for instant service to Americans over our whole vast
national area.
Since it is through the commission houses, whether their
head offices in Wall Street or their branch or correspondents’
offices scattered from upper Manhattan to California, that
orders from the American investing and speculating public are
relayed to the Stock Exchange floor, the commission broker’s
office is an integral and extremely important part of the whole
Exchange system. Indeed, much of the most difficult and
necessary work of marketing listed securities is done in the
hundreds of commission houses all over America, and even
abroad. We must therefore give some time and attention to
the problems, the methods, and the typical activities of the commission
 house, if we are to gain an adequate conception of the
work and true significance of the Stock Exchange.
Almost everyone has seen the outside of a commission

' See Chapter II, Figure 2.